Real Estate News Today 5-9-2012

09 May

Today’s news that may be of interest to you:

6 Don’ts After You Apply For a Mortgage
The KCM Blog | April 12, 2012
I learned a long time ago that “common sense is NOT common practice“.  (Great blog article here, it’s worth a read if you are borrowing on a purchase or a refinance. ~Anthony)

Home Prices in March Show Monthly Gain but Yearly Loss: CoreLogic | May 8, 2012
Excerpt: “When excluding distressed sales, month-over-month prices went up for the third consecutive month, while year-over-year prices increased by 0.9 percent in March 2012 compared to the same month a year ago, according to CoreLogic’s HPI.”

Avoid these 10 money mistakes your parents made
MarketWatch | May 9, 2012
Not being a best-selling author, film star or U.S. senator, I won’t be giving commencement speeches this spring. But as I imagine myself at the podium in front of eager young college graduates, I know exactly what I would say.

Three Reasons Why Sellers Shouldn’t Be Present for House Showings
Fox Business | May 8, 2012
It’s the dreaded question real estate agents fear when speaking to the seller. “May I be present at the open house or showing?” (Another excellent article.  These are all also great reasons, among many others, to avoid trying to sell the home yourself. ~Anthony)

Big Delays in Mortgage Refinancing
The Wall Street Journal | May 8, 2012
Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates.

4% a Year Rise in U.S. Home Prices?
USA Today | May 8, 2012
Average U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast.

Why Aren’t We Building More Multifamily Houses?
The Washington Post | May 8, 2012
With a growing population and rising rents, a reasonable plan would be to build lots of rental housing.

EverBank Targets $1 Billion Mortgage Mark
HousingWire | May 8, 2012
EverBank Financial expects to grow its single-family business to $1 billion in mortgage commitments by the end of the year.


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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
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Posted by on May 9, 2012 in Real Estate news


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2 responses to “Real Estate News Today 5-9-2012

  1. michaelmullin

    May 9, 2012 at 7:51 pm

    Anthony, I’d like to provide a counter point to the Wall Street Journal article about “Big Delays in Mortgage Refinancing.” There are only big delays if you are applying at one of the big banks, and big banks were the only quoted in the article.

    The headline states “Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates.” The headaches are easy to avoid – contact your local mortgage company, not one of the big banks.

    Our company is regularly closing a standard refinance application within about 30 days, and just a little longer for a HARP (Making Home Affordable Refinance Program) refinance. I can’t even imagine telling a client I’d call him back in “60 to 90 days.” Amazing that the big banks can retain their clients with that kind of service.

    Admittedly the big banks are swamped. They just don’t have the personnel to handle the business. And I would not be encouraged by Bank of America’s proclamation that they have “added 500 employees to handle the latest surge in business.” No disrespect to those 500 but just how qualified do you think they are? What was the experience level of those 500 before BofA hired them?

    If you want to avoid the logjam at the big banks all you need to do is call a local mortgage company. In the Spokane area these are companies like First Priority Financial, Prime Lending, Guild Mortgage and many others. If you don’t have a referral to a local company, you can get a complete list of professional and licensed loan companies via the National Mortgage Licensing System. On the web go to and type in your city to the search box. This is the national registry of all licensed loan officers and companies in the country.

    Don’t settle for “60 to 90” days when you have plenty of choices to get your refinance done much faster and with a lot less hassle.

  2. Anthony Carollo

    May 9, 2012 at 8:42 pm

    Thanks Michael! Great input. I have to guess that the article was written about a minority of borrowers that are having that kind of difficulty, but I could be wrong too.


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